TEMPE, ARIZ. — A joint venture between Transwestern Investment Group (TIG) and JDM Partners has acquired a 2 million-square-foot office property in Tempe in a sale-leaseback with State Farm Automobile Insurance. The Class A campus, called Marina Heights, is located at 300-600 Rio Salado Parkway. The price was not disclosed. The five-building campus includes ground-floor retail, restaurants and other amenities. It is situated between Arizona State University and Tempe Town Lake. Marina Heights will be a future stop for the Tempe Streetcar, directly connecting the campus to the airport, downtown and central Phoenix, as well as west Mesa via the Valley Metro Light Rail. A wholly owned subsidiary of TIG will manage the investments. Transwestern will also provide management services. The firm’s legal adviser was King & Spalding, while Eastdil Secured was the debt capital adviser.
SAN ANTONIO — Silver Ventures has opened Cellars, a 122-unit multifamily complex situated within The Pearl, a mixed-use property in San Antonio. The 10-story building will offer one-bedroom units, as well as loft spaces and penthouses, with units ranging in size from 650 to 3,986 square feet. Amenities include 24-hour concierge and valet services, a rooftop pool with cabanas, a library, fitness center and a dog park. Rents start at $1,830 per month.
COLLEGE STATION, TEXAS — Oldham Goodwin Group LLC has arranged the sale of a 72,718-square-foot store leased to Academy Sports + Outdoors located at 2511 Earl Rudder Freeway in College Station. Oldham Goodwin Capital, the investment arm of Oldham Goodwin, sold the asset to a Texas-based private investor for an undisclosed price. Clinton Oldham represented the company internally in the sale, other terms of which were not disclosed.
TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing, will supplement a $410 million financing that CBRE arranged for the joint venture in 2015. That overall financing is for a larger portfolio totaling 15 properties and 3,804 beds, including the seven properties included in the supplemental financing. The use of the funds was not disclosed. Tucson-based Watermark, which is the wholly owned management arm of The Freshwater Group, will continue to operate the properties.
RANCHO SANTA MARGARITA, CALIF. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County city of Rancho Santa Margarita. A private investor sold the property to an undisclosed buyer for $34.8 million, or $302,000 per unit. Built in 2006 on more than three acres, the three-story property is located directly across the street from Central Park in Rancho Santa Margarita, near the Santa Margarita Parkway, and approximately half a mile from California State Route 241. Tyler Leeson and Alex Mobin of Marcus & Millichap represented the seller. Leeson, Mobin and David Yeh procured the buyer. Alexander Garcia Jr. and Christopher Zorbas of Marcus & Millichap’s Institutional Property Advisors (IPA) division also provided representation, along with Tyler Martin and Mathew Kipp.
PERRIS, CALIF. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored retail center in the Inland Empire community of Perris. Gleb Lvovich and Bryan Ley of HFF arranged the transaction on behalf of the seller, Condures Family LP. Nuevo Perris LLC, a joint venture between Wood Investments, Joel Farkas and SandTree Holdings, acquired the asset for an undisclosed price. At the time of sale, Perris Plaza was 97.6 percent leased to tenants including Food 4 Less, Regency Theatres, Burger King, IHOP, Del Taco and Starbucks Coffee. The sale also included two entitled land pads that would allow the development of additional retail space. The new owners plan to expand the shopping center to approximately 300,000 square feet with the addition of new retailers and restaurants.
ITASCA, ILL. — A partnership between a private equity real estate fund of Balfour Pacific Capital Inc. and Hamilton Partners has acquired One Pierce Place and 500 Park Boulevard in Itasca for $78.3 million. The two buildings span 976,000 square feet within the Hamilton Lakes Business Park. Amenities include an athletic club, restaurant and deli, conference facilities and direct access to the adjacent Westin Hotel. Renovated in 2012, One Pierce Place is 91 percent leased by tenants such as Houghton Mifflin Harcort and Epsilon. Renovated in 2015, 500 Park Boulevard is 94 percent leased by tenants such as Keyence Corp., The Boler Co. and Hitachi. Bryan Rosenberg and Patrick Shields, Mark Katz, Jeff Bramson and Jaime Fink of HFF represented the seller, a partnership between Long Wharf Capital LLC and Hamilton Partners.
CHICAGO — Developer First Hospitality Group Inc. (FHG) and Navy Pier have unveiled the brand for the first hotel on Navy Pier. Slated to open in summer 2019, the 222-room hotel will operate under the Curio Collection by Hilton brand. Construction is expected to begin in January 2018. Situated at the eastern end of Navy Pier, the hotel will feature floor-to-ceiling windows and a 30,000-square-foot rooftop restaurant bar. Acron, a Switzerland-based real estate company, is funding the project. Jackie Koo of KOO LLC is designing the project, and James McHugh Construction Co. is the builder. The project is expected to generate 600 construction jobs and create 300 permanent jobs, according to FHG. Hilton operates more than 40 Curio Collection independent hotels globally.
BOLINGBROOK, ELK GROVE VILLAGE AND MCHENRY, ILL. — CBRE has arranged three industrial leases totaling 1.3 million square feet for separate tenants in the Chicago area. Brake Parts Inc. signed an eight-year extension for 378,350 square feet at 1100 Corporate Drive and 228,000 square feet at 4400 Prime Parkway in McHenry. The company is a manufacturer and supplier of brake parts. Greencore, a London-based international producer of convenience foods, inked a five-year extension for 443,010 square feet at 1100 Remington Blvd. in Bolingbrook. In the final lease transaction, St. George Logistics signed a five-year renewal for 268,645 square feet at 875 Devon Ave. in Elk Grove Village. The company is a provider of ocean and air container freight stations, distribution, transportation and value-added services in North America. Matt Mulvihill, Kevin Segerson, Cal Payne and Philip DeBoer of CBRE represented the tenants in each lease transaction.
PLAINFIELD, IND. — HSA Commercial Real Estate has purchased a 19-acre land site in Plainfield, a suburb of Indianapolis near the Indianapolis International Airport. The company plans to develop a 262,758-square-foot distribution center featuring 32-foot clear heights, 30 truck doors and four drive-in doors. Construction is slated to begin in early 2018 with tenant occupancy scheduled for the fall. John Hanley and Terry Busch of CBRE will market the new building for lease. HSA Commercial has previously developed five buildings totaling approximately 630,000 square feet at the nearby Gateway Business Park.